Common use of APPLICATION OF COMPENSATION MONEYS Clause in Contracts

APPLICATION OF COMPENSATION MONEYS. All moneys received as or by way of compensation in respect of any of the matters referred to in Section 9.01 hereof shall be applied in or towards the discharge or payment of the Indebtedness secured by this Assignment and the Property Sale Agreement and the Customer shall and hereby declare that the Customer will hold all such moneys if paid to and received by the Customer hereunder in trust for the Bank and the Customer agrees and confirms that the Bank may receive and give a good discharge for all such moneys.

APPLICATION OF COMPENSATION MONEYS. All moneys received as or by way of compensation in respect of any of the matters referred to in Section 9.01 10.01 hereof shall be applied in or towards the discharge or payment of the Indebtedness Selling Price to and any other money or liability secured by this Assignment Agreement and the Property Sale Agreement other documents creating security for the Facility and the Customer shall and hereby declare that the Customer will hold all such moneys if paid to and received by the Customer hereunder under this Agreement in trust for the Bank and the Customer agrees and confirms that the Bank may receive and give a good discharge for all such moneys.